Product marketing or promotion plays a major role in ensuring the success of a newly introduced product in today’s business environment. It benefits businesses by assisting marketers to create awareness of the existence of their products. However, competition pressure is a primary challenge and leads to unethical marketing practices for short-term benefits. Therefore, marketers should use every legal advantage to compete with an aim to achieve a long-term competitive advantage. That involves the ethical marketing practices, the moral principles that regulate the marketing industry and considered legal.
Ethical practices in marketing involve the application of moral rights and wrongs, and standards of fairness to marketing behavior and decision making (Carpenter, 2013). For instance, advertising via the internet is a common way through which marketers capture consumer attention.[Click Essay Writer to order your essay]It poses a threat to businesses as it avails products to the competitors for copying. They also prohibit unfair practices such as bait advertisement (Laczniak, Santos & Klein, 2016). However, with ethics, there is a guarantee of fairness when it comes to advertisements. For instance, the Online Privacy Trustmark added to an online advertisement discourages product duplication (Carpenter, 2013). In addition, it discourages the unauthorized copying of patented products and trademarks and violation of registered copyrights. For instance, in Australia, such laws are published in The Trade Practices Act, 1974 (Round, 2013).[“Write my essay for me?” Get help here.]
Therefore, the Law plays a basic role in dictating ethical behavior in marketing, through setting the codes for promotion. They are considered beneficial as they promote fair competition as well as provide consumers’ protection. This shows the importance of marketers using every legal advantage to stay ahead of the competition in this highly capitalist world. [Need an essay writing service? Find help here.]
Carpenter, K. (2013). Ethical Issues of Online Advertising and Privacy.
Laczniak, G. R., Santos, N. J., & Klein, T. A. (2016). On the nature of “good” goods and the ethical role of marketing. Journal of Catholic Social Thought, 13(1), 63-81.
Round, D. K. (2013). The Australian Trade Practices Act 1974: Proscriptions and prescriptions for a more competitive economy. Berlin: Springer